Homeowners cash in on soaring property prices

A record number of homeowners are unlocking cash from their properties to support their children and grandchildren. Some 23,395 people borrowed a total of £1.53bn against their home in the first quarter of 2022, with a record average loans size of £131,781, according to the Equity Release Council, a trade body. In the same period in 2016, the average loan was £89,189. In March 2016, the average house price in Britain was £209,946. It was £280,229 in February this year - a rise of 33.5%. "The popularity of equity release is the natural result of an ageing population and a property market where growth has outstripped inflation," said David Burrowes of the ERC. 

The Sunday Times (01/05/2022)